17 Dec 2014 10:37
MySale Group PLC
Director Dealings
MySale Group plc (the "Company") announces that following its trading update on 15 December 2014, Carl Jackson, the Chief Executive Officer of the Company, is considering acquiring, directly or indirectly, additional voting ordinary shares in the Company ("Shares") for a maximum aggregate consideration of up to £3 million (the "Acquisition").
Carl Jackson is part of a concert party with James Jackson, the founder and executive director and vice-chairman of the Company, and certain other parties, as described in the Company's AIM admission document, dated 11 June 2014 (the "Concert Party"). The Concert Party holds 34.81 per cent of the voting ordinary shares of the Company. Therefore, if any member of the Concert Party (including Carl Jackson) were to acquire any additional Shares it would trigger a requirement for a general offer under Rule 9 of the Takeover Code.
However, note 5 of the notes on the dispensations from Rule 9 of the Takeover Code provides that the Panel may waive the requirement for a general offer under Rule 9 (a "Waiver") where holders of shares carrying 50 per cent or more of the voting rights state in writing that they would not accept such an offer.
The Company is in the process of seeking such written statements from shareholders holding 50 percent or more of the Shares, none of whom are part of the Concert Party and none of whom will sell any Shares to Carl Jackson or anyone else in connection with the Acquisition. The Panel has confirmed that it will grant the Waiver upon receipt of such written statements.
A further announcement will be made if and when the Waiver is granted.
Enquiries:
MySale Group plc +61(0) 28999 0407
Jamie Jackson, Executive Director and Vice-Chairman
Carl Jackson, Chief Executive
Nominated Adviser and Joint Broker
Macquarie Capital (Europe) Limited +44(0)20 3037 2000
Ken Fleming
Nicholas Harland
Financial Public Relations
Maitland +44 (0)20 7379 5151
Neil Bennett
Dan Yea
About the MySale Group
MySale is a leading online retailer with established flash sales sites in Australia, New Zealand, South-East Asia, the United States and the United Kingdom providing a complete B2B solution for brands to dispose of excess inventory. The Company was founded in 2007 by Jamie Jackson and now has over 15 million members and operates websites in 10 countries, employing more than 500 people. The MySale websites (which operate under the 'OzSale', 'NZSale', 'SingSale', 'MySale', 'Cocosa' and 'buyinvite' brands) are available in Australia, New Zealand, the United Kingdom, the U.S., Singapore, Malaysia, the Philippines, Thailand, Hong Kong and South Korea. The Group sources product from over 2,500 brands and suppliers and hosts flash sales that run for three days in each core market across ladies wear, menswear, children's wear, health, beauty and home wares. Only Mysale members can access sales. Membership is free. The MySale online sites are supported by an international network of supply chain infrastructure that enables the Group to source products from around the world.